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IRS to treat bitcoin as property, not currency

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LOS ANGELES — The Internal Revenue Service said Tuesday that bitcoin would be treated and taxed as property, a decision that is part of wider efforts to bring more oversight to the controversial digital currency.

In its first big ruling on bitcoin, the agency noted that “it does not have legal tender status” and will be taxed under codes that apply to property transactions.

That means wages paid to workers in bitcoins will be subject to federal income and payroll…

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